Coming soon: Community bonds to help fund Glebe affordable rentals
Coming soon: Community bonds to help fund Glebe affordable rentals
By Sarah Button
At the corner of Bank Street and Chamberlain Avenue, a parking lot could soon become something far more valuable: the Glebe’s first purpose-built, mixed-income, affordable apartment building.
The proposed development, led by Centretown Citizens Ottawa Corporation (CCOC), will create almost 100 new homes in one of Ottawa’s most connected and desirable urban neighbourhoods. Also, for the first time, CCOC is inviting the community to help make this project a reality by investing in Housing Forever Bonds.
CCOC has a strong track record of creating, maintaining and promoting housing for low- and moderate-income households for more than 50 years. Founded in 1974, CCOC has grown into one of Canada’s largest community-based, non-profit housing providers with over 1,700 homes in 54 properties across Ottawa. CCOC is already active in Hintonburg, Westboro and Overbrook – Bank and Chamberlain will be CCOC’s first building in the Glebe!
The project is in the early stages but aims to include about 90 new rental homes in a nine-storey building owned and operated by CCOC. CCOC’s mixed-income model means the project will have a range of rent levels. The building will include smaller units that are affordable for individuals with an annual income of about $48,000 and family-sized units affordable for households with an annual income of about $60,000, alongside rents that are affordable for households earning a bit more. Because the property is zoned as a Traditional Mainstreet (TM), the project will also include ground-floor commercial rental space, helping maintain Bank Street’s liveliness and walkability.
Non-profit housing projects like those developed by CCOC often depend on government funding. However, that funding is typically only available once a project is “shovel-ready” – in other words, only after planning, detailed design, completed approvals approvals and CCOC is ready to build.
But getting to that stage can cost more than $1.5 million. For CCOC, covering those upfront costs through regular revenues can strain operations and slow down projects at a time when affordable housing is increasingly urgent.
To help bridge that gap, CCOC and the Ottawa Community Land Trust launched the Housing Forever Bond campaign. The initiative allows residents, businesses, institutions and community organizations to invest directly in affordable housing projects while earning a financial return.
The bonds provide CCOC with early-stage capital that helps projects advance more quickly toward construction. They also reduce reliance on higher-interest conventional financing, helping lower overall project costs and support long-term affordability.
The bond campaign was created in response to mounting pressure on Ottawa’s rental market, where lower-cost housing is increasingly being lost and public funding alone is not keeping pace with demand. CCOC’s mixed-income housing model, combined with community investment through Housing Forever Bonds, is one way to expand affordable housing supply while keeping it permanently affordable for future residents.
The Bank and Chamberlain project will help protect affordability in Ottawa at a time when many low- and moderate-income residents are being pushed further away from transit, services and community networks. CCOC’s long history shows the incredible impact of community-based, non-profit housing. The average tenancy length with CCOC is about 10 years, a testament to the well-located, accessible, energy-efficient and well-designed buildings CCOC is known for.
Venassa is a CCOC tenant who described why affordable housing in the heart of the city is so important to her.
“I was renovicted from my old apartment, but I didn’t want to leave Ottawa because I had a job opportunity,” she said, adding that her new CCOC new rental is just five minutes from her work, a grocery store and her best friend.
“I’m so fortunate that the community here at CCOC is so great. There are community wide events, volunteering opportunities, and my neighbours are so nice. I walk on Bank Street every Monday, and I see so many people not doing well.
“We need affordable housing and until the City of Ottawa and the Ontario government want to make this a priority, I’m going to continue supporting non-profit organizations like CCOC who are working to alleviate (the housing crisis) as fast as they can.”
CCOC strives to build community alongside housing, and we are looking forward to getting to know the Glebe. Our team will have more to share about the Bank and Chamberlain project as we get started. Look for us out and about promoting the Housing Forever Bonds. If (and hopefully when!) you choose to invest, you’ll be helping CCOC move the project forward more quickly and supporting a locally grown solution to the housing crisis.
Sarah Button is the executive director of Centretown Citizens Ottawa Corporation (CCOC).
A concept sketch of CCOC’s proposed affordable-housing, nine-storey building at the corner of Bank and Chamberlain. IMAGE: COURTESY OF CCOC